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The dollar index (DXY) rose by +0.38% to a one-week high, supported by a retreat in EUR/USD after Ukrainian President Zelenskiy dismissed any prospect of ceding territory to Russia. Fed Governor Michelle Bowman indicated her support for three rate cuts this year, tempering dollar gains.
President Trump announced a 100% tariff on semiconductor imports and doubled tariffs on US imports from India to 50% due to its purchases of Russian oil. Federal funds futures reflect an 88% chance of a -25 basis point rate cut at the FOMC meeting on September 16-17.
The euro (EUR/USD) dropped by -0.31% amid pessimism regarding U.S.-Russia relations, while the yen (USD/JPY) saw a modest gain of +0.16%. Precious metals, including gold and silver, fell sharply as the dollar strengthened, with gold reaching a one-week low.
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